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Denmark's Torm Q3 profit jumps on higher time charter equivalent rates

By Reuters News


Overview

  • Denmark product tanker operator's Q3 EBITDA beat analyst expectations, net profit rose sharply

  • Q3 basic EPS more than doubled from prior year

  • Company approved higher interim dividend for Q3


Outlook

  • Torm raises 2026 TCE guidance to $1.75-$1.9 bln from $1.7-$1.9 bln

  • Company expects 2026 EBITDA of $1.35-$1.5 bln, up from $1.3-$1.5 bln prior

  • Torm expects continued strong market conditions in Q4 2026


Result Drivers

  • FREIGHT MARKET DISRUPTIONS - Co said disruptions to global oil trade flows and logistical inefficiencies absorbed tanker capacity and supported strong freight rates

  • HIGHER TCE RATES - Co reported increased time charter equivalent rates across vessel classes, contributing to higher earnings

  • FLEET RENEWAL - Co continued investments in newbuildings and vessel acquisitions to renew and grow its fleet


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Net Income

$199 mln

Q3 EBITDA

Beat

$274 mln

$232.95 mln (4 Analysts)


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the oil & gas transportation services peer group is "buy"

  • Wall Street's median 12-month price target for Torm PLC is DKK302.00, about 11% above its November 3 closing price of DKK272.00

  • The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 7 three months ago


Reuters Recommended Reads

  • Nov 3 - Ardmore Shipping Q3 revenue beats estimates on higher spot charter rates

  • Nov 3 - Navigator Holdings Q3 operating revenue inches up

  • Nov 4 - Norway's Wallenius Wilhelmsen Q3 profit rises on Asia shipping demand


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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